Grindr (NYSE:GRND) Trading 2.2% Higher – Should You Buy?

Grindr Inc. (NYSE:GRND)’s share price traded up 2.2% during trading on Friday . The stock traded as high as $17.28 and last traded at $17.39. 168,019 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 788,020 shares. The stock had previously closed at $17.02.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Raymond James reaffirmed an “outperform” rating and issued a $22.00 target price on shares of Grindr in a research report on Thursday, March 6th. The Goldman Sachs Group started coverage on Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price objective for the company. JMP Securities reissued a “market outperform” rating and set a $21.00 price objective on shares of Grindr in a research report on Thursday, February 6th. Finally, Citigroup reissued an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grindr has a consensus rating of “Buy” and an average target price of $20.00.

Grindr Stock Up 3.0 %

The business has a 50-day moving average of $17.50 and a 200-day moving average of $15.39. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of -50.19 and a beta of 0.30.

Insider Buying and Selling at Grindr

In other Grindr news, insider Zachary Katz sold 3,057 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $18.00, for a total transaction of $55,026.00. Following the transaction, the insider now directly owns 577,549 shares in the company, valued at $10,395,882. This trade represents a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 11,173 shares of company stock worth $187,729 over the last three months. Corporate insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Several institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System raised its holdings in Grindr by 1,277.8% during the fourth quarter. California State Teachers Retirement System now owns 24,511 shares of the company’s stock valued at $437,000 after buying an additional 22,732 shares in the last quarter. PharVision Advisers LLC bought a new position in shares of Grindr in the fourth quarter worth about $248,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Grindr in the fourth quarter worth about $884,000. Voloridge Investment Management LLC increased its stake in shares of Grindr by 251.8% in the fourth quarter. Voloridge Investment Management LLC now owns 451,000 shares of the company’s stock worth $8,046,000 after purchasing an additional 322,792 shares during the period. Finally, Woodline Partners LP bought a new position in shares of Grindr in the fourth quarter worth about $7,436,000. 7.22% of the stock is currently owned by institutional investors.

Grindr Company Profile

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.